This regularly-scheduled sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.
Q. Given your thoughts on the Ballston condo market, what kind of impact do you foresee for the three townhouse communities triangled between N. Glebe Road, Wilson Blvd, Carlin Springs Road, and Vermont Street?
A. I can’t think of any reason why the townhomes around Ballston wouldn’t be poised to ride the same wave of appreciation that I spoke about in my recent article about Ballston condos.
I’ve been particularly interested in a townhome for sale in Ballston Green that is currently listed at $1,230,000. According to the tax record, it was purchased new from Madison Homes in January of this year for $953,675. If they get their price (which is a big “if”) then it would be almost a 29 percent jump in less than a year. Even with high demand and low supply of newer townhomes, this will be an extraordinary amount of appreciation compared to any location in the region.
The specific townhomes you are describing have been selling quickly this year. The average number of days on market for the last six months is only five days. Thats even faster than the popular townhomes at Clarendon Park, which are currently averaging 18 days.
The key variable I see for the Ballston townhomes you mentioned is their updates. Some are 32 years old so you get a wide range of upgrades, if any at all. The homes that have been rented out for the last 10 years and have original finishes throughout are going to slow down average appreciation for the neighborhood as a whole.
It’s an improving area where the car dealership has been replaced by class A office space and new restaurants. The tired shopping mall will be replaced by a new structure and a fresh crop of retailers. You can walk to your local grocery store and weekly farmer’s market. The Ballston Metro station provides easy access to the Orange and Silver lines. Route 66 is only a stoplight or two away. I like the future of Ballston for condos, townhomes and the sprinkling of single family homes.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.